Wells Fargo adding to mortgage loan processing teams

Oct 10 (Reuters) - Wells Fargo & Co is adding to teams that process mortgage loans to prepare for higher mortgage volumes, according to a memo viewed by Reuters shows.

Banks are anticipating a surge in mortgage activity fueled by lower interest rates.

The hiring initiative is a change in course for Wells Fargo, the largest U.S. mortgage originator, according to Inside Mortgage Finance, which has laid off hundreds of employees in its mortgage division in recent years. (Reporting by Imani Moise; editing by Jason Neely)